NEAR Protocol Sees More Daily Active Addresses Than Ethereum and Layer-2 Protocols
In September, the NEAR Protocol surpassed Ethereum and its layer-2 protocols, including Arbitrum and OP Mainnet, in terms of daily active addresses, according to data from Artemis. The number of daily active addresses on NEAR Protocol consistently exceeded 400,000 throughout the month.
Daily Active Addresses on Ethereum Declining
Data analysis reveals that the number of daily active addresses on Ethereum has been decreasing. While it reached over 1 million in mid-September, it has now dropped below 400,000. A similar trend is observed in Arbitrum, which decreased from around 200,000 to 150,000 during the same period.
Rapid Spike in NEAR Protocol’s Daily Active Addresses
In contrast to Ethereum, NEAR Protocol experienced a rapid increase in daily active addresses. The number rose from approximately 40,000 in late June to over 400,000. This surge in daily active addresses has also led to a rise in daily transactions on NEAR Protocol, surpassing Ethereum.
The number of daily active addresses serves as an indicator of adoption, user engagement, and network health for public ledgers like NEAR Protocol and Ethereum. Additionally, it may reflect changing market sentiment and potentially impact prices.
Bears Control NEAR Token Price
Currently trading at around its lowest level since 2023 ($1.107), the native token of NEAR Protocol (NEAR) faces bearish pressure. The candlestick arrangement on the daily chart suggests consolidation and stability above the primary resistance level at $1. Bears will have the upper hand if prices remain below the critical resistance level of $1.23.
Despite the increase in network activity, the number of unique addresses interacting with NEAR Protocol decentralized exchanges has remained relatively stable. DEX volume on NEAR Protocol is significantly lower compared to Ethereum and its layer-2 platforms.
Hot Take: NEAR Protocol Surpasses Ethereum in Daily Active Addresses
In September, NEAR Protocol outperformed Ethereum and its layer-2 protocols in terms of daily active addresses. This indicates a growing user base and engagement on the NEAR Protocol network. The increase in daily transactions further solidifies its position as a competitive blockchain platform. However, despite these positive metrics, the price of the NEAR token remains under bearish pressure, highlighting a disconnect between network activity and market sentiment.
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